March 30, 2023

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India G20: MASA to call for measures to offset economic impact of drought and war in Ukraine

(Special Consul, Bangalore, India). Massa will use his three days at the G20 in India to demand a package of measures aimed at offsetting the economic and financial consequences of the post-pandemic Covid-19 pandemic, a punishing drought by Russia’s war against Argentina and Ukraine. The conflict in Europe has affected Argentina’s accounts, says the president of the Palacio de Hacienda And central governments, the US Treasury Department and the International Monetary Fund (IMF) should define global policies aimed at strengthening the depleted accounts of poor and middle-income countries.

Massa’s presentation at the summit sessions in Bangalore is aimed at securing soft loans from the most powerful members of the G20 and convincing the International Monetary Fund of the need to lower its interest rates, reduce the percentage it receives for additional charges and create — as soon as possible — the economic recovery of weaker states bearing the brunt of the conflict between Moscow and Kiev. A resilience fund that aims to facilitate.

In addition to focusing on the impact of the war on Europe, Massa will discuss Argentina’s financial situation with Jay Shambaugh, the US Treasury Department’s Under Secretary for International Affairs. Shambaugh has worked with the Brookings Institution and knows how power works in Washington. He arrived in Bengaluru with Janet Yellen, US Treasury Secretary and Joseph Biden’s key economic and financial adviser.

After the meeting with Shambaugh, Finance Palace President Nirmala Sitharaman welcomed. Finance Minister of India. Massa and Sitharaman have a common agenda: they need the G20 to address the social consequences of the war in Ukraine without delay, and to initiate agreements between Argentina and India linked to technological development.

next, Massa meets Chinese Vice Minister Wang Dongwei. Deepening bilateral cooperation and exploring new mechanisms to strengthen central bank reserves. Wang is asked by Xi Jinping, who controls all political power in China.

During Massa’s three meetings with representatives of the US, India and China, Europe’s war conditions will be present. The G20 decides by consensus and all its resolutions will need the support of the White House and the Kremlin, which cooled their diplomatic relations after Biden’s visit to Kiev and Putin’s immediate response in his last speech in Moscow.

Russia’s invasion of Ukraine had not yet begun when Prime Minister Narendra Modi decided on the leitmotiv for the G20 summit in India: “One Land, One Family, One Future” maintains the official slogan that the current global tension has already become a geopolitical illusion..

The conflict between Putin and Biden, which has escalated unexpectedly in the past 72 hours, will affect discussions at the summit and economy ministers. Approval of proposals shall be conditional It is going to be discussed here to mitigate the effects of a war with an obvious outcome.

Russia’s war against Ukraine has driven up the price of fuel, fertilizer, cargo and food. This increased inflation rates and affected access to international credit for countries considered poor and middle income.

The most powerful countries defined domestic measures to protect their own economies – for example, the United States raised its reference rate – while the rest of the planet suffered the consequences of a war that changed the world board and the power relations between the United Nations. States, China, Russia and the European Union.

A reservation paper given by Massa to Kristalina Georgieva in Bali to explain Argentina’s payments for Putin’s war in Ukraine. There is already a second version to be used by the Minister of Economy at this G20 summit. On that occasion, the Managing Director of the International Monetary Fund (IMF) assured Alberto Fernández y Massa that he would take care of the matter.

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Nothing happened. And the conflict has already begun a new war and diplomatic phase that will have a full impact on Argentina’s accounts.

Alberto Fernandez, Sergio Massa, Santiago Cafiro and Jorge Arguello during a meeting with Kristalina Georgieva and her IMF staff at the G20 Summit in Bali

“The value of fuel imports increased by US$3,757 million compared to pre-war estimates of US$1,999 million at pre-war prices (and) freight costs for exports of US$1,800 million. War. The final impact of the increase in international prices due to the conflict in Ukraine was estimated at USD 4.940 million.Retains a document exposing the consequences of the war for Argentina, and a document used by the Minister of Economy in Bangalore.

Massa will outline the extraordinary cost of the war affecting the economic stability program during summit sessions and his bilateral meetings. An information handled by Finance Palace allows the Minister to reinforce the arguments he will be making in Bangalore today:

“The fuel price shock created an increase in energy subsidies replaced by the national government in 2022. According to the calculations made, transfers for grants this year are expected to be $1,799,286 million.Consider the second version of the descriptive paper Costs of war For the country.

In this context, Massa will advance the high rates the IMF has applied to debt owed by debtor countries, and he will push for a reduction in surcharges included in the debt payments negotiated by Mauricio Macri. It calls for the immediate creation of a contingency fund to mitigate the effects of the war in Ukraine.

Official delegations will use golf carts to reach the Finance Ministers Summit in Bangalore

Massa will arrive at the Marriott Hotel Conference Center with Central Bank President Miguel Pess and INDEC Director Marco Lavagna, Secretary of International Relations of the Ministry of Economy. A vision in Washington will intensify for three days in Bangalore: In the capital of the United States, representatives at the Palacio de Hacienda are wrapping up the IMF’s technical review to complete the 2022 fiscal year and are negotiating targets to be met in 2023.

Minister Massa’s proposal About the costs of war This is a diplomatic reality that is not isolated from the road map agreed with the IMF and the economic and financial agenda India has designed for the G20. Multilateral scenes – finance and G20 – generally deal with the global situation and the social crisis endured by dozens of countries due to the pandemic and the invasion ordered by Moscow.

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A week ago, Prime Minister Modi proposed a roadmap to the G7 and the IMF, along with Argentina’s position on the economic consequences of the Covid-19 pandemic and the conflict in Ukraine. Modi believes that India can occupy the geopolitical space China is losing by supporting Russia against the US, and he will try to include poor and middle-income countries in this diplomatic move.

Alberto Fernandez has already held meetings with Modi, as has Foreign Minister Santiago Cafiro, and the communication of strategic objectives will push the initiatives Massa will present at the economic ministers’ summit. If the conflict in Ukraine escalates after the debate between Biden and Putin, the most powerful countries and Multilateral organizations such as the IMF and the World Bank have no choice but to open their arms to help countries in financial and economic crises.

In addition to participating in sessions on the fight against tax evasion, money laundering and international financial structuring, Masa will hold bilateral meetings with Geeta Gopinath. Deputy Director General of the IMF Bruno Le MaireMinister of Economy of France Fernando HaddadBrazil’s Minister of Economy and Axel von TrotsenburgManaging Director of the World Bank.

Ministers Sergio Massa and Fernando Haddad signed bilateral agreements between Argentina and Brazil during an event at the Casa Rosada.

Massa’s agenda in Bengaluru cuts across different countries, organizations and protagonists, but there is one common dynamic: strengthening the economic stability program with the help of the IMF, regional partners, European powers and the White House. It is a complex task which is not finished in India.

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